6 December 2017
In a massive blow for both the Adani company and the Australian Government, the Chinese embassy has confirmed that no Chinese money will be invested in Adani’s Carmichael coal project.
China’s rejection of Adani comes despite Deputy Primer Minister Barnaby Joyce and Trade Minister Steve Ciobo making representations to the Chinese Government on Adani’s behalf.
Significantly, the embassy has also stated that Adani’s negotiations with the China Machinery Engineering Corporation (CMEC) have been terminated due to an “absence of commercial feasibility”. Adani had been discussing a potential partnership with CMEC since at least January 2017, and it’s likely that with CMEC on board Chinese finance could have become available.
When the statement from the Chinese embassy and three major Chinese banks ruling out lending to the project are combined with the recent promise by the Qld Government to veto a taxpayer funded loan, it is obvious that Adani’s plans are now in tatters. Its options for funding the Carmichael mine are quickly disappearing.
Find out which companies are still in bed with Adani by checking out our Adani List.